What's Going On With Shares Of Bitcoin Miner Bit Digital Wednesday?
Portfolio Pulse from Adam Eckert
Bit Digital Inc (NASDAQ:BTBT) shares are up after the company reported a 24% increase in Bitcoin production for November, with 142.7 Bitcoin mined. The company's active hash rate was 2.25 EH/s, and it owns 551.8 Bitcoin and 16,064.8 Ethereum. Bit Digital also has $14.9 million in cash and equivalents and has received a prepayment for its first AI business contract, expecting $35-37 million in revenue in 2024. The rise in Bitcoin's price, crossing $40,000, may also be contributing to BTBT's share price increase.
December 06, 2023 | 1:29 pm
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POSITIVE IMPACT
Bit Digital Inc reported a significant increase in Bitcoin production and a positive outlook for its AI business revenue, alongside a boost from the rising price of Bitcoin.
The increase in Bitcoin production and the prepayment for the AI business contract are strong positive signals for Bit Digital's operations and future revenue, which is likely to be reflected in investor sentiment and the stock price. The correlation with Bitcoin's price movement further supports the positive short-term impact.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100